Gold Prices Decline Amid Easing Trade Tensions

Gold prices experienced a notable decline on Wednesday, as the easing of global trade tensions led to reduced demand for the precious metal. Traditionally seen as a safe-haven asset, gold's appeal diminishes when investors perceive lower risks in the market.

US and China Announce Tariff Reductions

In a significant move, the US announced it would temporarily lower tariffs on Chinese goods from 145% to 30%, while China agreed to reduce its duties on American products from 125% to 10%. This development has been a key factor in the shifting dynamics of the gold market.

Market Reaction

By 11:19 pm ET, gold had dropped by 1.21%, selling for $3,211.36 per ounce. Silver followed suit, decreasing by 1.28% to $32.53 per ounce. Platinum remained stable at $993.34 per ounce, while palladium saw a slight increase of 0.61%, reaching $946.50 per ounce.